Auditor Report of Summit Securities Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of
Summit Securities Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
and the Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation and presentation of these standalone
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the
Act, read with rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of the appropriate accounting
policies; making judgements and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone
financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.

We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.

Opinion

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid Standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015("the
Order) issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 3 and 4 of the Order.

2. As required under provisions of Section 143(3) of the Act, we report
that:

a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;

b. In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;

c. The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;

d. In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;

e. On the basis of written representations received from the directors
as on 31st March, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act; and

f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in Note
15 to the financial statements;

ii. The Company did not have any long term contracts including
derivative contracts that require provision under any law or Accounting
Standards for which there were any material foreseeable losses; and

iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.

Annexure referred to in paragraph 1 under the heading Report on other
legal and regulatory requirements of our report of even date

i) In respect of its Fixed Assets :

a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.

b. As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.

ii) As the Company had no Inventories during the year, clause

(ii) of paragraph of 3 of the order is not applicable to the Company.

iii) The Company has not granted any loans, secured or unsecured to
companies, firm or other parties covered in the register maintained
under Section 189 of the Act. Consequently, the requirement of Clause
(iii) (a) and Clause

(iii) (b) of paragraph 3 of the Order not applicable to the Company.

iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and nature of its business for the
purchases of fixed assets and for the sale of services. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in such internal control system.

v) According to the information and explanations given to us, the
Company has not accepted any deposits within the meaning of provisions
of sections 73 to 76 or any other relevant provisions of the Act and
the rules framed thereunder. Therefore, the provisions of Clause (v) of
paragraph 3 of the Order are not applicable to the Company.

vi) The Company is not engaged in production, processing, manufacturing
or mining activities. Therefore the provision of sub section (1) of
Section 148 is not applicable.

vii) In respect of Statutory dues :

a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income-Tax,
Sales-Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise,
Value Added Tax, Cess and any other statutory dues as applicable have
been regularly deposited with appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at March 31,2015
for a period of more than six months from the date of becoming payable.

b. According to the information and explanations given to us, there are
no dues of Income Tax, Sales-Tax, Wealth Tax, Service Tax, Duty of
Customs, Duty of Excise, Value Added Tax and Cess on account of any
dispute, which have not been deposited.

c. According to the information and explanations given to us the
amounts which were required to be transferred to the Investor Education
and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and Rules thereunder has been
transferred to such fund within time.

viii) The Company does not have any accumulated losses at the end of
financial year and has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.

ix) The Company has not raised loans from Financial Institutions or
Banks or by issue of debentures and hence clause (ix) of paragraph 3 of
the Order are not applicable to the Company.

x) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year. Therefore,
the provisions of clause (x) of paragraph 3 of the Order are not
applicable to the Company.

xi) Based on information and explanations given to us by the
management, the company has not raised any term loans during the year
covered under audit.

xii) In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.

We have audited the accompanying financial statements of Summit
Securities Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other notes to the financial statements.

Management''s responsibility for the Financial Statements

Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and fair presentation of the financial statements that are
free from material misstatement, whether due to fraud or error.

Auditor''s responsibility

Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required, and give a
true and fair view in conformity with the accounting principles
generally accepted in India:

(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;

(ii) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and

(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditor''s Report) Order 2003 ("the
Order")issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by sub-section (3) of section 227 of the Act, we report
that:

a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;

b) in our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;

c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;

d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the accounting standards notified under
the Companies Act, 1956("the Act") read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013;

e) On the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of directors is disqualified as on 31st March, 2014, from being
appointed as a director in terms of clause (g) of sub section (1) of
section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITOR''S REPORT Annexure referred to in paragraph 1
under the heading Report on other legal and regulatory requirements of
our Report of even date Re: Summit Securities Limited ("the Company")

1. In respect of its Fixed Assets:

a) According to the information and explanations given to us, the
Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.

b) Fixed assets have been physically verified by the management in a
phased periodical manner as per regular programme of verification,
which in our opinion is reasonable, having regard to the size of the
Company and nature of its assets. No material discrepancies were
noticed on such physical verification.

c) The Company has not disposed off substantial part of fixed assets
during the year.

2. In respect of its Inventories:

As there is no Inventory lying with the company, therefore clause (ii)
of the order is not applicable to the company.

3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from Companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub-clause (b), (c), (d), (f) and (g) of clause 4(iii) of
the order is not applicable.

4. In our opinion and according to the information and explanations
given to us, there is an adeq uate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.

5. Based on the audit procedures applied by us and according to the
information and explanations given to us, there are no transactions
that need to entered into the register in pursuance of section 301 of
the Companies Act, 1956; consequently sub-clause 4(v)(b) is not
applicable.

6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public to which the
provisions of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.

7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.

8. The Company is not engaged in production, processing, manufacturing
or mining activities. Therefore, the provisions of clause (viii) of
paragraph 4 of the order are not applicable.

9. In res pect of statuto ry d ues:

a) According to the records of the Company, the Company is generally
regular in depositing with the appropriate authorities undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income Tax, Service Tax, Sales Tax, Custom Duty,
Excise Duty, Wealth Tax, Cess and any other statutory dues as
applicable. During the year there are no arrears of outstanding
statutory dues as at the last day of the financial year concerned, for
a period of more than six months from the date they became payable.

b) According to the records made available to us and the information
and explanations given by the management, the details of the dues of
Sales Tax/ Income Tax/ Custom Duty/ Wealth Tax/ Service Tax/ Excise
Duty/ Cess and any other statutory dues as applicable, which have not
been deposited on account of any dispute, are given below :

Name Nature Amount Financial Forum
of the of Dues (Rs. in
Lacs) year to which where
Statue the matter Dispute
is
pertains Pending

Income Income 109.83 2002-03 High Court
Tax Tax
Act,1961

TOTAL 109,83

10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.

11. In our opinion and according to the explanations given to us and
based on the information available, the Company has not taken any loan
from financial institution or bank. Further, the Company has not issued
any debentures and hence the question of any default for repayment on
this account does not arise.

12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.

14. The Company is maintaining proper records of the transactions and
contracts about the dealings and trading in shares, securities and
other investments and timely entries have been made therein. The
shares, securities and other investments have been held by the Company
in its own name.

15. According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from bank or
financial institutions. Therefore, the provisions of Clause (xv) of
paragraph 4 of the Order are not applicable to the Company.

16. Based on information and explanations given to us by the
management, the Company has not raised any term loans during the year
covered under audit.

17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.

18. During the year, the Company has not made any preferential
allotment of shares to parties and Companies covered in the Register
maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued secured debentures; hence the question
of creation of security does not arise.

20. The Company has not raised any money by way of public issue during
the year.

21. According to the information and explanation given to us, no fraud
on/or by the Company has been noticed or reported during the year, that
causes the financial statement to be materially misstated.

For Chaturvedi & Shah

Chartered Accountants Firm Registration No.: 101720W

Amit Chaturvedi

Partner
Membership No.: 103141

Place : Mumbai
Date : May 23, 2014

Mar 31, 2013

Report on the fnancial statements

We have audited the accompanying fnancial statements of SUMMIT
SECURITIES LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, and the Statement of Proft and Loss and Cash Flow
Statement for the year then ended, and a summary of signifcant
accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash fows of the Company in accordance with
the Accounting Standards referred to in sub- section (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the fnancial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these fnancial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the fnancial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fnancial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the fnancial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the fnancial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the fnancial statements.

We believe that the audit evidence we have obtained is suffcient and
appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the
explanations given to us, the fnancial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:

a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;

b) in the case of the Statement of Proft and Loss, of the Proft for the
year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash fows for the
year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specifed in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;

b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books

c) the Balance Sheet, Statement of Proft and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.

d) in our opinion, the Balance Sheet, Statement of Proft and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualifed as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.

Referred to in paragraph 7 of the Auditor''s Report to the
members of the Company for the year ended March 31,2013.

Clause No. 4(viii), 4(xi), 4(xii), 4(xiii), 4(xvi), 4(xvii), 4(xviii),
4(xix), 4(xx), of the order is not applicable to the Company

(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fxed
assets.

(b) As explained to us, physical verifcation of major items of fxed
assets was conducted by the management during the year. In our opinion,
the frequency of physical verifcation is reasonable having regard to
the size and operations of the Company and the nature of its assets. No
discrepancies were found on physical verifcation of assets.

c) The Company has not disposed off substantial part of fxed assets
during the year.

(ii) (a) All the inventories were lying with the third parties which
have been confrmed by them.

(b) In our opinion, the procedures of physical verifcation of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory. No
discrepancies were noticed on physical verifcation of Inventories.

(iii) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, frms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub-clause (b), (c), (d),(f) and (g) of clause 4(iii) of
the order is not applicable.

(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fxed assets and for the sale of goods. During
the course of our audit, we have not observed any major weaknesses in
internal control system.

(v) Based on the audit procedures applied by us and according to the
information and explanations given to us, there are no transactions
that need to entered into the register in pursuance of section 301 of
the Companies Act, 1956;consequently sub-clause 4(v)(b) is not
applicable.

(vi) The Company has not accepted any deposits from the public to which
the provisions of sections 58A, 58AA or any other relevant provisions
of the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975 apply.

(vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.

(viii) (a) According to the records of the Company, the Company is
generally regular in depositing with the appropriate authorities
undisputed statutory dues as applicable. Based on our audit procedures
and according to the information and explanations given to us, there
are no arrears of undisputed statutory dues which remained outstanding
as at March 31, 2013 for a period of more than six months from the date
they became payable.

(b) According to the records made available to us and the information
and explanations given by the management, the details of the dues of
sales tax / income tax / custom duty / wealth tax/ Service Tax / excise
duty / cess, which have not been deposited on account of any dispute,
are given below :

Name of Nature Amount Financial Forum
the Statute of Dues (Rs. in lacs) year to where
which the dispute is
matter pending
pertains

Income Tax 61.41 2009-10 Tribunal
Tax Act,
1961

(ix) The Company does not have any accumulated losses at the end of the
fnancial year and has not incurred cash losses during the fnancial year
covered by our audit and the immediately preceding fnancial year.

(x) The Company has maintained proper records of transactions and
contracts for dealing in shares, Securities, Debentures and timely
entries have been made in those records and the Company has held the
investments in its own name.

(xi) The Company has not given any guarantee for loans taken by others
from bank or Financial Institutions.

(xii) According to the information and explanation given to us, no
fraud on or by the Company, has been noticed or reported during the
year.

For N.M. RAIJI & CO.,

Chartered Accountants

Firm''s Registration No. 108296W

CA Y.N. Thakkar

Partner

Membership No. 33329

Mumbai

29th May, 2013

Mar 31, 2012

1. We have audited the attached Balance Sheet of SUMMIT SECURITIES
LIMITED, as at 31st March 2012, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956 and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us during the course of the audit, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order to the extent applicable.

4. Further to our comments in the Annexure referred to above and our
comments in paragraph 3 above, we report that:

(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;

(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards prescribed by the Companies (Accounting Standards)
Rules, 2006 referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;

(v) On the basis of written representations received from the
directors, as on 31st March 2012, and taken on record by the Board of
Directors, we report that none of the directors of the Company is
disqualified as on 31st March 2012 from being appointed as a director
in terms of clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;

(b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date)

Clause No. 4(ii), 4(viii), 4(xi), 4(xii), 4(xiii),4(xv), 4(xvi),
4(xvii), 4(xviii), 4(xix), 4(xx), of the Order is not applicable to the
Company.

i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.

(b) During the year, the Company has physically verified the fixed
assets. In our opinion, the frequency of physical verification is
reasonable having regard to the size and operations of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.

(c) The Company has not disposed off substantial part of fixed assets
during the year.

ii. The Company has neither granted nor taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub-clause (b), (c), (d), (f) and (g) of clause 4(iii) of
the Order is not applicable;

iii. In our opinion, there are adequate internal control systems
commensurate with the size of the company and nature of its business
for purchase of fixed assets and for sale of services. During the
course of our audit, we have not observed any major weakness in
internal controls,

iv. There are no transactions that need to be entered into the
register maintained in pursuance of Section 301 of the Act;
consequently sub-clause 4(v)(b) is not applicable;

v. The Company has not accepted any deposits from public;

vi. The Company has an internal audit system commensurate with its
size and nature of its business;

vii. (a) According to the records of the Company, the Company is
generally regular in depositing with the appropriate authorities
undisputed applicable statutory dues based on our audit procedures and
according to the information and explanations given to us, there are no
arrears of undisputed statutory dues which remained outstanding as at
31st March 2012 for a period of more than six months from the date they
became payable.

(b) According to the records made available to us and the information
and explanations given by the management, there are no statutory dues
which have not been deposited with the appropriate authorities on
account of any dispute.

viii. The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses during the year
and in the immediately preceding financial year;

ix. The Company has maintained proper records of Transactions and
Contracts for dealing in Shares, Securities, Debentures and timely
entries have been made in those records and the Company has held the
investments in its own name;

x. According to the information and explanations given to us, no fraud
on or by the Company, has been noticed or reported during the year.

For N. M. RAIJI & CO.,

Chartered Accountants

Registration No.108296 W

CA Y. N. THAKKAR

Partner

Mumbai Membership No. 33329

28th May, 2012

Mar 31, 2011

1. We have audited the attached Balance Sheet of SUMMIT SECURITIES
LIMITED, as at 31st March 2011, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the fi
nancial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and signifi cant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
of the books and records of the Company as we considered appropriate
and according to the information and explanations given to us during
the course of the audit, we enclose in the Annexure a statement on the
matters specifi ed in paragraphs 4 and 5 of the said Order to the
extent applicable.

4. Further to our comments in the Annexure referred to above and our
comments in paragraph 3 above, we report that:

(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;

(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards prescribed by the Companies (Accounting Standards)
Rules, 2006 referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;

(v) On the basis of written representations received from the
directors, as on 31st March 2011, and taken on record by the Board of
Directors, we report that none of the directors of the Company is
disqualifi ed as on 31st March 2011 from being appointed as a director
in terms of clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011;

(b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date)
Clause No. 4(ii), 4(viii), 4(xi), 4(xii), 4(xiii), 4(xv), 4(xvi),
4(xvii), 4(xviii), 4(xix), 4(xx), of the Order is not applicable to the
Company.

i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.

(b) During the year, the Company has physically verifi ed the fixed
assets. In our opinion, the frequency of physical verifi cation is
reasonable having regard to the size and operations of the Company and
nature of its assets. No material discrepancies were noticed on such
verifi cation.

(c) The Company has not disposed off substantial part of fixed assets
during the year.

ii. The Company has neither granted nor taken any loans, secured or
unsecured to / from companies, fi rms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub-clause (b), (c), (d), (f) and (g) of clause 4(iii) of
the Order is not applicable;

iii. In our opinion, there are adequate internal control systems
commensurate with the size of the Company and nature of its business
for purchase of fixed assets and for sale of services. During the
course of our audit, we have not observed any major weakness in
internal controls;

iv. There are no transactions that need to be entered into the register
maintained in pursuance of Section 301 of the Act;consequently
sub-clause 4(v)(b) is not applicable;

v. The Company has not accepted any public deposits;

vi. The Company has an internal audit system commensurate with its
size and nature of its business;

vii. (a) According to the records of the Company, the Company is
generally regular in depositing with the appropriate authorities
undisputed applicable statutory dues. Based on our audit procedures and
according to the information and explanations given to us, there are no
arrears of undisputed statutory dues which remained outstanding as at
31st March 2011 for a period of more than six months from the date they
became payable.

(b) According to the records made available to us and the information
and explanations given by the management, the details of the dues of
Income tax and Sales tax which have not been deposited with the
appropriate authorities on account of dispute are given in the Appendix
to this report.

viii. The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses during the
year and in the immediately preceding financial year;

ix. The Company has maintained proper records of Transactions and
Contracts for dealing in Shares, Securities, Debentures and timely
entries have been made in those records and the Company has held the
investments in its own name;

x. According to the information and explanations given to us, no fraud
on or by the Company, has been noticed or reported during the year.

For N. M. RAIJI & CO.,

Chartered Accountant

Registration No.108296 W
CA. Y.N. THAKKAR

Partner
Place : Mumbai Membership No. 33329

Date : May 30, 2011

Mar 31, 2010

1. We have audited the attached Balance Sheet of SUMMIT SECURITIES
LIMITED, as at 31st March 2010, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956 and on the basis of such checks
of the books and records of the Company as we considered appropriate
and according to the information and explanations given to us during
the course of the audit, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order to the extent
applicable.

4. Further to our comments in the Annexure referred to above and our
comments in paragraph 3 above, we report that:

(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;

(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards prescribed by the Companies (Accounting Standards)
Rules, 2006 as sub-section (3C) of Section 211 of the Companies Act,
1956;

(v) On the basis of written representations received from the
directors, as on 31s1 March, 2010, and taken on record by the Board of
Directors, we report that none of the directors of the Company is
disqualified as on 31st March, 2010 from being appointed as a director
in terms of clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;

(b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our
report of even date) Clause No. 4(ii), 4(iv), 4(viii), 4(xi), 4(xii),
4(xiii), 4(xv),4(xvi), 4(xvii), 4(xviii), 4(xix),4(xx) of the Order is
not applicable to the Company.

i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.

(b) During the year, the Company has physically verified the fixed
assets. In our opinion, the frequency of physical verification is
reasonable having regard to the size and operations of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.

(c) The Company has not disposed off substantial part of fixed assets
during the year.

ii. The Company has neither granted nor taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, sub-clause (b), (c), (d), (f) and (g) of clause 4(iii) of
the Order is not applicable;

iii. There are no transactions that need to be entered into the
register maintained in pursuance of Section 301 of the Act,
consequently sub-clause 4(v)(b) is not applicable;

iv. The Company has not accepted any public deposits;

v. The Company has an internal audit system commensurate with its size
and nature of its business;

vi. (a) According to the records of the Company, the Company is
generally regular in depositing with the appropriate authorities
undisputed applicable statutory dues. Based on our audit procedures and
according to the information and explanations given to us, there are no
arrears of undisputed statutory dues which remained outstanding as at
31st March, 2010 for a period of more than six months from the date
they became payable.

(b) According to the records made available to us and the information
and explanations given by the management, the details of the dues of
Income tax and Sales tax which have not been deposited with the
appropriate authorities on account of dispute, are given in the
Appendix to this report.

vii. The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses during the year and
in the immediately preceding financial year;

viii. The Company has maintained proper records of Transactions and
Contracts for dealing in Shares, Securities, Debentures and timely
entries have been made in those records and the Company has held the
investments in its own name;

ix. According to the information and explanations given to us, no fraud
on or by the Company, has been noticed or reported during the year.